|Travis CU Director of Corporate Communications Sherry Cordonnier (forefront) and SVP and Chief Loan Officer Stacy Fifield testify before the California Senate Committee on Banking and Financial Institutions, which held an informational hearing in November on various nonprofit and community based organizations with small-dollar loan products.|
CU TESTIFIES ON 'ERA TANDA' LOAN
updated 12/04/13 11:02 AM
Banking Committee Reviews Program
Representatives from Travis CU recently testified before the California Senate Banking Committee about its new loan product that's geared to help the unbanked and under-banked Latino community access financial education and improve credit.
Travis CU Director of Corporate Communications Sherry Cordonnier and Senior Vice President and Chief Loan Officer Stacy Fifield were invited to testify before the Senate Committee on Banking and Financial Institutions, which held an informational hearing in mid-November on various nonprofit and community based organizations with small-dollar loan products.
The credit union recently finalized a small-dollar lending pilot program, the "New Era Tanda Loan Program." The pilot debuted in mid-2012, in part through a grant received by the National Credit Union Foundation (NCUF). It was designed in partnership with Coopera, a firm focused on the emerging Hispanic market, to help Latino participants develop a 12-month shared savings goal and to take advantage of the credit union’s unique savings-and-loan offerings.
"We developed the program concept for this unique program centered on 'tandas' (also known as cundinas, sans or quinelas)," Cordonnier said. "Tandas—informal borrowing and lending circles—are common in immigrant cultures, especially Latin American immigrant cultures. The modernized tanda, developed by Travis Credit Union, aimed at bridging a cultural custom with the credit union experience."
Travis CU partnered with the Yolo Family Resource Center to conduct the pilot program, which used a grassroots and culturally relevant approach tailored to the local Latino community. Participants contributed on a monthly basis to a shared savings account and also received a group share-secured loan to help save for a down-payment on a vehicle. After successfully completing the program, each qualified participant was eligible for a Travis CU credit-building credit card and/or auto loan.
Through pre- and post-surveys, the credit union found that those who participated were more likely to use online banking, bill pay, checking accounts, ATM/ debit cards, credit cards, savings accounts and direct deposit than they were prior to the program. They were also more likely to balance a checkbook, cash checks, and use a personal budget, Cordonnier said.
"The pilot program was a success that will hopefully be replicated in the future at Travis Credit Union and other credit unions,” she added.
RATE HIKE UNLIKELY BEFORE MID-2015 updated
01/29/15 08:38 AM
Fed Watching Economic Developments
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'APPLE PAY' EXPANDS IN CALIFORNIA updated
01/28/15 10:07 AM
CU Leaders Discuss Member Adoption
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ACCEPTING APPS: CU ADVISORY COUNCIL updated
01/27/15 11:00 AM
Eight Seats Vacant in Fall 2015
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CONGRESSMAN VISITS TRAVIS CU LEADERS updated
01/27/15 10:39 AM
DeSaulnier Makes it a Top Priority
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CLARK COUNTY CU AWARDS DIVIDENDS updated
01/22/15 02:07 PM
$2.7 Million to 34,000 Members
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BIZ KID$ FINANCIAL GRANTS AVAILABLE updated
01/21/15 12:41 PM
Application Deadline is March 31
Promote financial literacy at your credit union and in your community with a Biz Kid$ Financial Education Grant from the National Credit Union Foundation (NCUF). Apply for the grant by March 31, 2015.
IMMIGRANT EVENT ANSWERS QUESTIONS updated
01/20/15 11:41 AM
Los Angeles Councilman Speaks
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NCUA's SECOND RBC PROPOSAL updated
01/15/15 10:32 AM
New Draft More Favorable
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RBC DISCUSSION VIDEO AVAILABLE updated
01/15/15 03:45 PM
Captures Revised Plan
The Credit Union National Association (CUNA) video of today's National Credit Union Administration (NCUA) open board meeting discussion of a new risk-based capital (RBC) plan is now available for viewing.
NCUA PAYS FOR DATA BREACH updated
01/15/15 02:33 PM
Palm Springs FCU Receives Up To $50K
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CO-OP PROCESSED 3B IN 2014 updated
01/14/15 11:04 AM
Sets New Record
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CUs MEET WITH NCUA, CFPB OFFICIALS updated
01/13/15 09:44 AM
2nd RBC Proposal, Overdraft Discussed
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CO-OP ANNOUNCES THREE PROMOTIONS updated
01/12/15 12:18 PM
New CIO, CMO, and SVP
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'GAC' AND 'GRR': TWO POWERFUL EVENTS updated
01/12/15 04:37 PM
Your Voice is Needed
The credit union movement needs YOUR voice in Washington, D.C., Sacramento, and Carson City this year as discussions take place on legislative policies that may affect credit unions at the state and federal levels, as well as regulatory issues.
WCMS PRES. RETIRES AFTER 44 YEARS updated
01/09/15 04:44 PM
James D. Likens To Serve Through 2015
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CA/NV CUs CAN VIEW RBC DIALOGUE updated
01/09/15 02:26 PM
CUNA to Record NCUA Session
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SEN. BOXER NOT SEEKING RE-ELECTION updated
01/08/15 10:22 AM
Served Two Decades in U.S. Senate
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DYKSTRA TALKS LEADERSHIP updated
01/08/15 09:04 AM
California and Nevada Credit Union Leagues President and CEO Diana Dykstra was recently interviewed by CUToday.info to share her thoughts on leadership and management. In this interview, Dykstra talks about communication, working with board of directors, staying relevant, and more.
LEAGUES OFFICIALLY LAUNCH 'PLEXCITY' updated
01/06/15 10:13 AM
Unique Shared-Service Vision
The California Credit Union League, Maryland and District of Columbia Credit Union Association, and New Jersey Credit Union League officially launched Plexcity on Jan. 2—a new shared-services company that will aggregate accounting and finance, human resources, and information technology departments for trade associations across the nation.
CUNA ANNOUNCES REORGANIZATION updated
01/06/15 02:06 PM
Changes to Senior Leadership Team
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114TH CONGRESS BEGINS TODAY updated
01/06/15 01:43 PM
Leagues Join Aguilar in Swearing-In
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JENSEN JOINS LEAGUES' ADVOCACY TEAM updated
01/05/15 11:29 AM
Will Represent CUs in Sacramento, Carson City
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CMN FUNDRAISING REMITTANCE updated
01/05/15 10:51 AM
Submission Deadline: Jan. 16
If your credit union raised funds for Children’s Miracle Network (CMN) Hospitals in 2014, please submit your funds on or before Jan. 16 to count toward 2014 fundraising totals. Click here to access the form, which includes mailing instructions, along with your fundraising check.
CA CUs GAIN CORPORATE REPRESENTATION updated
01/05/15 10:15 AM
Steve Devan on Catalyst Board
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